Re:Janet Yellen suggests 'curtailing' cryptocurrencies such ...
by asah on Wednesday January 20, 2021 @07:05PM
(#25853597)
...except the horse has left the barn and Bitcoin has already infiltrated the highest levels of business, finance and government. Even the IRS recognizes it.
What seems more likely is KYC regulation for transactions and SEC review for ICOs. If this happens, Bitcoin will skyrocket in value as it crosses into the mainstream.
(disclosure: minor HODLer since 2013)
Laws versus tech, the law almost always wins (one of the few scenarios I'm familiar with where tech "won" was the reversal of PGP being treated as an export restricted munition [1] [2]). Tech is just a tool, and the arguments for crypto currencies compared to traditional fiat digitally represented (Central Bank Digital Currencies aka CBDCs [3]) just aren't that compelling (especially with countries, 54 so far more on the way, continuing to roll out instant payment networks [4]). This emboldens the very real observation Ms Yellen makes that crypto exists to obfuscate the transfer and storage of value against the intent of government financial regulation.
[1] https://en.wikipedia.org/wiki/Export_of_cryptography_from_th...
[2] https://security.stackexchange.com/questions/55023/what-was-...
[3] https://en.wikipedia.org/wiki/Central_bank_digital_currency
[4] https://empower1.fisglobal.com/rs/650-KGE-239/images/Report_...